Walmart Inc WMT shares are trading lower Thursday following reports that the company plans to cut several corporate jobs.
According to a Wall Street Journal report, citing people familiar with the matter, Walmart is cutting hundreds of corporate roles in a restructuring effort.
The retail giant reportedly told employees in its corporate offices that the restructuring will affect various business segments, including merchandising, global technology and real-estate. One person familiar with the matter reportedly told Bloomberg around 200 jobs are being slashed in total.
Bloomberg reports that a Walmart spokeswoman confirmed the job cuts as part of a restructuring process but said that the company was also investing in some other business divisions and creating some new positions.
Last week, Walmart cut guidance for the second quarter and full fiscal year. Walmart said it revised its outlook as a result of pricing actions aimed at improving inventory levels at Walmart and Sam's Club in the U.S.
"The increasing levels of food and fuel inflation are affecting how customers spend, and while we've made good progress clearing hardline categories, apparel in Walmart U.S. is requiring more markdown dollars," said Doug McMillon, president and CEO of Walmart.
Walmart is scheduled to report second-quarter financial results on Aug. 16.
WMT Price Action: Walmart has traded between $160.77 and $117.27 over a 52-week period.
The stock was down 2.87% at $126.76 at press time, according to data from Benzinga Pro.
Photo: courtesy of Walmart.
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